Cryptoverse

Well, despite the turn in the calendar to the back half of 2022, little seems to have changed so far to assuage fears over contagion in the cryptoverse.

James Butterfill, head of research at CoinShares, warned it was also too early to call a major divergence in crypto. Indeed, bitcoin's shadow still looms large over the sector, with its share of the total crypto market capitalization up slightly to 40%, from 38% at the start of the year. ¶ But on the other hand, Butterfill said such departures could be a potential sign of the cryptoverse growing up.

About a dozen firms, including the crypto asset manager Grayscale Investments and fund giants like BlackRock and Fidelity, have applied to the agency in recent months to begin offering customers a so-called spot Bitcoin E.T.F. Bitcoin has climbed more than 170 percent in the past year on hopes the agency will greenlight the E.T.F.s, bringing crypto trading further into the mainstream. ¶ The cryptoverse is confident, despite a decade of denials.